On September 7, 2020, Pacific Life is adjusting rates for PL Promise Term, a product specifically designed to serve the death benefit protection needs of the broad market consumer (household incomes of $50K to $250K).

Our commitment to providing affordable life insurance coverage for everyday consumers remains strong. For this reprice, new rates may be higher or lower than the old rates. Rates have been refreshed to increase consistency for solid competitiveness across all combinations of terms, risk classes, male/female, and issue ages. You will find more aggressive price reductions for standard and better risk classes and more.

Targeted “Sweet Spots”

  • Face amounts up to $100K – all term durations, male/female, preferred risk classes, all ages
  • Competitive positioning for monthly modes, longer terms, and preferred risk classes, with emphasis on select no-nicotine
  • PL Smooth Sailing fluidless underwriting program for ages 50-69

Competitive Strengths

  • Substandard pricing (+20% per table versus the traditional +25%)
  • Monthly Premium mode (monthly premiums)
  • eCapabilities and digital solutions resulting in shorter cycle times and higher placement rates Ongoing Adjustments
  • Refreshed rates to increase consistency for solid competitiveness across all combinations of terms, risk classes, male/female, and issue ages

Transition Period
The new PL Promise Term rates go into effect beginning September 7, 2020, for all states except NY. A 60-day transition period from September 7, 2020, through November 5, 2020, is provided. (See chart below.)

During the transition period, a request to use the lower rates is not required. The difference between any premiums received that are higher than the lowest premium available will be automatically adjusted for the client during this window.

States Dates Details
All states except NY September 7, 2020
through
November 5, 2020
From September 7, 2020, through November 5, 2020, the lower of the prior and new PL Promise Term rates will apply for policies issued during the transition period arising from:

  • Applications received on or after September 7, 2020.
  • Pending policies due to be issued on or after September 7, 2020.
  • The difference between premiums received that are higher than the lowest premium available will be adjusted for the client during this window
November 6, 2020
  • Starting November 6, 2020, all new and pending applications will receive the new PL Promise Term rates.
  • No exception requests will be granted on or after November 6, 2020.
Inforce Business
  • For inforce business, reissues will not be made

 

Corporate Headquarters:
604 Harper Avenue, Jenkintown, PA 19046 | P: 800.543.5555 / 215.517.4080 | F: 800.343.0804 / 215.517.4087

Miami Office:
3470 NW 82nd Avenue, Suite #670, Doral, FL 33122 | P: 800.683.3077 / 305.908.6700 | F: 800.343.0804

Securities offered through The Leaders Group, Inc. Member FINRA/SIPC 26 W. Dry Creek Circle, Suite 800, Littleton, CO 80120, 303-797-9080.

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Premier Brokerage Services is not affiliated with The Leaders Group, Inc.

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